Cement News tagged: Corporate
Anhui Conch net profit up 87.8%, China
Anhui Conch announced an 87.8% rise in net profit YoY to CNY11.59bn (US$1.8bn) on the back of higher prices and sales. This figure was in line with the company’s guidance released in January when it said it expected net profit to rise more than 80 per cent. Revenue in 2011 was up 41% to CNY48.65bn from CNY34.51bn. During the year, the company sold 158Mt of cement and clinker in 2011, up 15...
Dyckerhoff raises net profit 10-fold
The Buzzi Unicem subsidiary Dyckerhoff, which on a turnover 13.2% higher at €1,599.6m in 2011, increased its EBITDA by 33.1% to €291m while the net attributable profit rose more than 10-fold from €6.4m to €65.6m. The net debt at the end of the year dell by 34.2% to €261.7m to give a gearing level of just 15.1%, compared with 23.8% a year earlier. With the completion of major investments, notab...
Holcim successfully completes share placement
Holcim Ltd has sold 5 million treasury shares at a price of CHF59.25 per share. The proceeds of CHF296m (EUR245m) will be used for general corporate purposes. ??The closing of this oversubscribed transaction to further strengthen the Group’s balance sheet is expected to take place on or around March 30, 2012.
Cemex exchange offer reduces debt
Cemex announced the results of its five separate exchange offers made on a private placement basis to exchange currently outstanding Euro-denominated 4.75% As a result of the Exchange Offers, Cemex’s overall indebtedness (including the Perpetual Debentures) will be reduced by approximately US$131m. Fernando Gonzalez, Cemex’s CFO, said: “These exchange offers allow Cemex to further reduce its...
TCC International reports 38% rise in revenues
TCC International Holdings Limited together with its subsidiaries reported a 38.6 per cent rise in revenues on the back of exceptionally strong demand during the low season in the first half of 2011 and increase in product average selling price. For 2012, it plans to consolidate its position further through organic and vertical integration. Revenue increased from HK$8.1bn (US$1bn) in 2010 t...
GCC's 2011 revenues up 14.2% YoY
Revenues of GCC cement companies increased to US$4.6bn in 2011 from US$4bn in the previous year, a 14.2 per cent rise, a report by Global Investment House (GIH) said. Net profits, however, increased just two per cent from US$1.44bn in 2010 to US$1.477bn in 2011. In terms of performance by country, Saudi Arabia, Oman, UAE and Kuwait reported an increase sales during 2011, while Qatar saw a de...
China Shanshui revenues rise 42%, China
China Shanshui Cement Group which operates mainly in the Shandong and Liaoning Provinces in China, said sales growth of 42.2% to CNY16,862m for the 12 months ended 31 December 2011. Gross profit surged by 99.2% to CNY5079m and profit attributable to equity shareholders of the Company soared 127.3% to CNY2225m. Basic earnings per share reached CNY0.79, up 125.7% compared with last year. C...
Jilin Yatai joint venture investment, China
Jilin Yatai (Group) Co and its partner will together inject CNY285m (US$45m) into their Changchun, Jilin Province-based joint venture to support the joint venture development. China Business Wire reported that Jilin Yatai will inject CNY211m of cash and will still hold a 64 per cent stake. It partner, a fully-owned subsidiary of CRH, will invest CNY74.1m in the joint venture and its stake ...
FCC to delay Giant Cement sale, USA
FCC is to delay the planned sale of its US-based Giant Cement Holding division while the Spanish construction major focuses on debt refinancing of Cements Portland Valderivvas, Dow Jones reports. FCC owns nearly 70 per cent of Cements Portland, which in turn owns Giant Cement. FCC had previously said it planned to sell Giant by the end of the first quarter but has now changed the timeline, ...
Fitch Ratings downgrades West China Cement
Fitch Ratings has downgraded West China Cement's (WCC) Long-Term Foreign Currency Issuer Default Rating (IDR) and Senior Unsecured debt rating to 'BB-' from 'BB'. The Outlook on the IDR is Stable. The rating action is driven by Fitch's view that the deterioration in WCC's gross profits and the increase in its financial leverage in H211 will persist through 2012. WCC's gross profit dropped...
TPCC profit constrained by power issues, Tanzania
Tanzania Portland Cement Company Limited (TPCC) net profit rose slightly less than expected due to erratic power supplies but says the demand outlook is positive as it prepares to bring new capacity on-stream in the next quarter. Net profit rose by 0.4 per cent to TZS50.61bn in 2011. “Higher imports of clinker and frequent breakdown of machinery resulting from erratic power supply,” company...
Eurocement Ukraine 2011 narrows losses
Eurocement Ukraine has closed 2011 with a loss of UAH46.05m (US$4.3m), the company said in a statement. Eurocement Ukraine sustained losses of UAH117.474m in 2010, having reduced its net revenue by 9.47% (or UAH123.669m) to UAH 1182.794m compared with 2009. The company is a part of the Eurocement Group of Russia.
FLSmidth to appoint new Group Executive Vice President
Carsten R Lund will be appointed new Group Executive Vice President of FLSmidth & Co and member of the Group Executive Management in July 2012, when Mr Christian Jepsen resigns to join Alcoa, one of FLSmidth's global mining customers. Carsten Lund will be heading the new global Bulk Materials Division that was formed as part of the new FLSmidth Group structure announced on 21 February 2012 a...
Morgan Stanley bearish on China Building Materials Sector
Morgan Stanley believes second quarter pricing for China’s building materials will still be lower than the first quarter as it expects 2Q demand seasonal recovery to be weaker than normal years due to the slowing construction pace of property developers. “We hold the view that developers will not reaccelerate construction activities until they have cleared their four-year high property inve...
Asia Cement 2011 net profit rises, China
Asia Cement (China) Holding Corp said its net profit rose by 162 per cent YoY in 2011 to CNY1.34bn (US$212.6m). Meanwhile, basic earnings per share stood at CNY0.86. Citigroup has upped Asia cement to Buy from Sell and raised its target price to HK5.36 vs HK$2.71. The house expects earnings should bottom with selling prices in central China down 10 per cent YoY and volumes almost frozen. ...
Peruvian market acceleration
Peruvian cement shipments have shown strong increases for the third month in a row indicating a recovery in public investment and an acceleration in domestic sales. Shipments reached 418,824t in February 2012, representing an 11.67 per cent YoY advance from 270,562t, the cement producers association (Asocem) reported. Cement production for the month was 448,199t, up 10.3 per cent on Feb...